MACC chief's shares were an 'affordable' RM330k at sale - Wan Junaidi

Minister in the Prime Minister’s Department (Parliament and Law) Wan Junaidi Tuanku Jaafar appeared to downplay the gravity of MACC chief Azam Baki's shareholdings scandal by noting its value at the time of purchase.

He also said it was not wrong for civil servants to acquire shares in public listed companies.

In a statement yesterday, Wan Junaidi (above) said in 2016, one million shares bought by Azam would have been valued at RM330,000, between 30 sen and 33 sen per share, and that the current share size was accumulated over the years.

“Based on the initial price, it is not an expensive share to acquire. I believe it is affordable to many of us.

"And for those who are active stock market traders, it is also normal to gradually increase your shareholding over time, especially when you see the potential,” the de facto law minister said.

Wan Junaidi also noted in his statement that under Public Officers Regulations Act (Conduct and Discipline) 1993, civil servants are only prohibited from trading in the futures market, locally and abroad.

He added that civil servants who own shares in public listed companies are required to declare them as assets.

MACC chief Azam Baki

Denied wrongdoing

Sungai Buloh MP Sivarasa Rasiah previously highlighted that Section 23 of Service Circular 3/2002 prevents a civil servant from owning an equity stake that is valued above RM100,000. 

Azam is alleged to have owned somewhere between 1.9 million to 2.9 million shares in Gets Global Bhd in 2016.

Based on Wan Junaidi's calculations, this would have been worth between RM570,000 for 1.9 million shares, or RM870,000 for 2.9 million shares.

The MACC chief also owned 2.15 million warrants in Excel Force MSC Bhd.

At the material time, Azam was the MACC investigations division director.

His share ownership had raised questions on whether it was commensurate with his income as a public servant and conflict of interest concerns.

He has denied wrongdoing and said that his brother had used his account to acquire the shares.

Wan Junaidi assured that investigations into Azam will be done in accordance with the law.

Azam is being investigated by the Securities Commission (SC), to whom the police have handed over reports they received.

Meanwhile, on calls to place the MACC under Parliament, Wan Junaidi said this would have to be looked at carefully. - Mkini